J.C. Penney Closing 33 Stores, Eliminating 2,000 Positions

Tim Boyle/Getty Images(PLANO, Texas) -- J.C. Penney plans to close 33 underperforming stores and eliminate approximately 2,000 positions, the company announced Wednesday.

The Texas-based retailer said the closures are expected to save the company around $65 million annually, and are part of its “strategic initiative” to turn things around after a failed repositioning effort roiled the department store chain and drove away shoppers.

"While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success,” said J.C. Penney CEO Mike Ullman.